FaithInvest 2023 Annual Report
Trustees’ Report and Financial Statements for the year ended 31 December 2023
Registered charity: 1187015 | Registered company limited by guarantee: 1182410
MARCH 2024
'FaithInvest works to achieve a just and sustainable world by supporting all major faiths to invest in line with their beliefs and values. We believe faiths can be creative engines of profound change, based on their deep beliefs, values and teaching, and that conviction has been borne out by the massive growth of interest globally among faiths in ensuring their investments are aligned with their values ~ for the benefit of people and planet.‘
Dr Lorna Gold CEO, FaithInvest
CONTACT US
FaithInvest c/o Stone King LLP Boundary House 91-93 Charterhouse St London, EC1M 6HR, UK
info@faithinvest.org +44 (0)117 214 1720 www.faithinvest.org
Registered charity: 1187015 Registered company limited by guarantee: 11862410
Front page photograph: The Golden Hands Bridge, Vietnam, from Shutterstock
Back page photograph: Carrick-a-Rede Rope Bridge, Northern Ireland, from Shutterstock
Why bridges?
FaithInvest uses bridges as a motif because we ourselves act as a bridge: Between faiths Within faiths, linking religious and investment leaders From faiths to the wider finance community
Disclaimer: FaithInvest is not authorised by the Financial Conduct Authority and does not provide financial or investment advice. Information provided on FaithInvest’s website or its other communication channels does not constitute financial or investment advice. If you wish to receive any form of financial or investment advice, please consult a qualified and independent financial advisor.
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CONTENTS
| 1. | Foreword from the Chief Executive and the Chair | 04 |
|---|---|---|
| 2. | Administrative Details | 06 |
| 3. | Strategic Report, incorporating Trustees’ Report | 07 |
| Strategic Objectives, Mission & Values | ||
| 4. | Achievements & Performance | 08 |
| 2023 Through Our Eyes | ||
| 5. | Strategic Plan 2023-2025 | 10 |
| Implementing Strategic Goals 1 to 4 | 11 | |
| 6. | Financial Review | 18 |
| Plans for Future Periods | ||
| 7. | Structure, Governance and Management | |
| 22 | ||
| 8. | Financial Statements | 25 |
| Independent Examiner's Report | 25 | |
| Statement of Financial Activities | 27 | |
| Balance Sheet | 28 | |
| Cash Flow Statement | 29 | |
| Notes to Financial Statements | 31 | |
| Detailed Financial Statement | 42 |
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1. FOREWORD
BY DR LORNA GOLD AND DAVE ZELLNER
2023 has been a significant year for FaithInvest, with a change of leadership, new partnerships and gratifying confirmation of growing interest in faith-consistent investing among faith groups – alongside increasing demand for support in how to implement it.
We oversaw a number of firsts, notably the successful transition of our founding CEO, Martin Palmer, to Founding President, and our Director of Movement, Dr Lorna Gold’s move to the role of CEO. We developed our first training course on faith-consistent investing in response to the growing demand for training, and published our first case study, on our work with the UK Buddhist organisation, the English Sangha Trust.
A vibrant ecosystem
Where we have had most significant impact is in the ongoing development of a vibrant faith-consistent investing (FCI) ecosystem. The first goal of our Strategic Plan calls on us to play a central role in building a broad-based, well-coordinated FCI movement, and we believe we have certainly made a significant contribution in this area through the delivery of a wide range of events, presentations, webinars and thought leadership.
Dr Lorna Gold CEO
We are seeing a strong and continuing growth in engagement from a wide range of partners, demonstrated through our growing newsletter readership, increasing event and interest group attendance, appetite for the development of new strategic partnerships, and growing media interest in our work.
Working with us... works
Gratifyingly, we can show that by working with us, faith-based asset owners (FBAOs) emerge much stronger when it comes to their faith-consistent investing policies and practice, thanks to our proprietary FCI scorecard methodology. This showed, for example, that after the English Sangha Trust approached us for support in aligning its faith values and its investment policy and guidelines, its FCI scorecard score rose from 2 to 10 – the top mark possible.
Dave Zellner Chair of Trustees
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Tracking the FCI Movement
We developed our scorecard in 2021/2 to score FBAOs’ investment policies and guidelines. Today, our scorecard is an essential tool in helping us to understand the extent to which FBAOs currently align their investments with their values and to track future progress (following our work with them) as well as to assess the FCI Movement generally. We publish an annual assessment of faith-aligned investing within the ecosystem of FBAOs who either send to us their investment policies or make them publicly available on their websites.
Developing our first training programme
In 2023, our attention has focussed in more detail on developing our ability to provide detailed guidance and training services to our beneficiaries. We are now seeing strong signups for our soon-to-be launched Faithful Finance training.
Our traction was initially strongest in the Catholic space, partly due to existing relationships; however, this interest is increasingly broadening out to other key religions, particularly the Chinese Daoists and Buddhists, and wider Christian groups and we are working hard to develop that growing interest into more solid outcomes across a wider range of faiths.
As we move into 2024, we aim to increase our ability to provide in-depth support to a larger number of faith-based asset owners, and demonstrate with greater clarity, the distance moved on account of our support. We’re very excited by the possibilities opening before us and, above all, by continuing to grow faith-consistent investing, for people and planet.
Dr Lorna Gold Dave Zellner FaithInvest CEO
FaithInvest Chair of Trustees
‘Faiths are significant investors on global markets. The recent Oxford University study put the figure at US$4 trillion – but that is a vast underestimate of faith assets. For a start, Islamic finance alone is estimated at $7 trillion, and it does not count the substantial assets of over 2,000 Catholic religious orders and universities.‘
– Dr Lorna Gold, FaithInvest CEO
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2. ADMINISTRATIVE DETAILS
TRUSTEES D H Zellner S Rishi Das J R Hammerman (resigned 18.7.23) A E Hagen (appointed 17.8.23) H S Prabowo COMPANY SECRETARY J M Couper REGISTERED OFFICE C/O Stone King LLP Boundary House 91-93 Charterhouse Street London EC1M 6HR REGISTERED COMPANY 11862410 (England and Wales) NUMBER REGISTERED CHARITY 1187015 NUMBER INDEPENDENT Richardson Swift Audit Limited Chartered Accountants EXAMINER 11 Laura Place Bath BA2 4BL SOLICITORS Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR
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3. STRATEGIC REPORT,
incorporating TRUSTEES REPORT
STRATEGIC OBJECTIVES
The principal purpose of the charity, as set out in our governing document, is to promote the efficiency and effectiveness of charities – in particular, but not exclusively, faith charities – through the provision of advice, information and training on the subject of making ethical investments, which for the purpose of these objects is defined as a financial investment that takes into account those charities’ values and ethos.
OUR VISION
OUR VALUES
A world in which faith groups and people of faith, motivated by their passionate conviction that investing in line with their values will achieve a just and sustainable world, actively use their investments for the benefit of people and planet.
OUR MISSION
To grow the scale and impact of faith consistent investing worldwide by supporting faith groups to invest in line with their values, for the benefit of people and planet.
WE BELIEVE
We believe that by supporting the development of a vibrant global movement of faith communities actively and boldly transforming how they direct their investments to support people and planet, together we can address our current environmental crises and achieve a just and sustainable world.
Our aim is, therefore, to enthuse, encourage and support faith groups (whatever their size, religion, geography, or sophistication of investment portfolios) to invest in line with their values and beliefs and to identify opportunities for them to be truly transformative in their approach.
Respect : We work with all major faiths, respecting and valuing the diversity of perspectives and understanding that this brings.
Catalysts of change: We seek to grow faith-consistent investing by inspiring faith leaders to take action, working innovatively and ambitiously together to achieve impact.
Open & listening : We are peoplefocussed and relationship-based, seeking to engage stakeholders and partners in all our work.
Social justice : We believe in justice, dignity and fair access to global resources for all.
Valuing our planet : We believe the faiths have a key role in leading the conservation and sustainability of our planet. We strive to act by example to minimise our impact.
Creativity : We seek to harness the creativity, commitment, skills and expertise of our team members to further common goals.
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4. ACHIEVEMENTS & PERFORMANCE
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Bishop Dr Thomas
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Dr Lorna Gold and
Elizabeth Garlow at our
Rome conference in
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2023 THROUGH OUR EYES
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Daoist temple, Wong Tai
Sin Temple, which is
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Dr Lorna Gold delivers the keynote
address at the Faith Pavilion on
Finance Day
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January: We sign a collaboration agreement with the World Evangelical Alliance, with the aim of promoting faith-consistent investing (FCI) among WEA's global network of 600 million evangelical Christians.
March: We publish our research paper, FaithConsistent Investing and Smaller Organisations Later in the year, we also publish our updated Good Intentions study looking at what faiths say about investing with values – and how they can do better.
May: We hold an amazing conference, Investing in a Liveable Future , co-hosted with Christian Aid asking if investments can help finance development. With 100+ delegates from business networks, philanthropies and development agencies, representing more than £650 billion AUM and projects supporting over £100 million people a year.
July: Our inspiring English Sangha Trust case study outlines how we worked with the UK-based Buddhist organisation to help it better align its faith values with its investment policy.
September: Dr Lorna Gold takes over as CEO while outgoing CEO Martin Palmer remains as FaithInvest’s Founding President.
September: Martin Palmer is a keynote speaker at the 5th International Daoism Forum in China
which announces a major commitment to ethical investing, with plans to create a Daoist Investor Hub. November: Three extraordinary events – one in Rome, one in London, and one online:
(i) Rome: Anchoring Faith-Consistent Investing in the Experience of Frontline Communities , co-hosted with International Union Superiors General & CIIC;
(ii) UK: Church Investment in Climate Solutions: Financing a Livable Future, co-hosted with Operation Noah; (iii) Online: Faith, Science and Philanthropy Uniting for Climate Action , with Prof Johan Rockström (Potsdam Institute), Dr Andrew Steer (Bezos Earth Fund), Sr Alessandra Smerilli (the Vatican).
November: Faithful Finance – An Introduction to Aligning Investments with Faith Values is launched. Our first course aims to enable people to dive deep with confidence into faith-consistent investing. December: Dr Lorna Gold delivers the keynote address on Finance Day at COP28 in Dubai
at the Faith Pavilion, a dedicated space for faiths.
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5. STRATEGIC PLAN
2023 marks the first year of our three-year Strategic Plan, 2023-2025. The four core aims set out in our Strategic Plan are to:
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01 Play a central role in building 02 Serve faith asset owners and
a broad-based, well- service providers through
coordinated, Faith- targeted support to
Consistent achieve their defined FCI
Investing (FCI) goals.
Movement.
Sustain and Strengthen our 04
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strengthen governance, staffing
partnerships and internal capacity to
in the Faith- prepare for growth.
Consistent Investing
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'FaithInvest is a trail angel, as hikers and pilgrims know them – here to help, guide, encourage, inform and engage faith-based investors on their faith-consistent investing path.'
Mathew Jensen, CFA FaithInvest’s Director of Faith-Consistent Investing
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IMPLEMENTING Strategic goal 01
Play a central role in building the FCI Movement
Over the course of 2023, through the delivery of wide range of events, presentations and webinars, we have played a significant role in developing a rapidly growing network and an increasingly vibrant ecosystem to engage faith-based asset owners on faith-consistent investing (FCI). Highlights from this year include:
events
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May 2023: Investing in a Liveable Future: Investment, Faith and Development , cohosted in London, UK, with Christian Aid's Salt Business Network, to explore the opportunities for business, investment and faith-inspired development agencies to develop alternative forms of income alongside traditional grants.
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Attended by over 100 delegates from faith aligned development agencies, business networks and philanthropies
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Representing more than £650 billion AUM (assets under management) As well as projects supporting over £100 million people a year
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November 2023 : Rome roundtable, Anchoring Faith-Consistent Investing in the Experience of Frontline Communities (pictured below), co-hosted with UISG, the International Union Superiors General, and Catholic Impact Investing Collaborative, and held in collaboration with the Laudato SI' Action Platform and the Laudato Si'
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Movement. With 40 attendees in the room; watched online by 268 attendees globally
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November 2023 : Church Investment in Climate Solutions: Financing a Livable Future , a oneday conference, co-hosted with Operation Noah, with more than 50 attendees.
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We delivered a number of online webinars including:
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May 2023 : Aligning your finances with your faith values , with Laudato Si’ Movement September 2023 : Embracing the Heart of Laudato Si’ , hosted by the Dominican Sisters November 2023 : Faith, Science and Philanthropy uniting for Climate Action , ahead of the COP 28.
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We attended and presented at 13 partner events. Here are some of them:
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The Association of Religious Bursars Ireland’s Annual Conference;
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Extinction or Regeneration: Transforming food systems for human, animal and planetary health, with Compassion in World Farming;
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Religion, Peace and Civilisation (Indonesia) organised by Majelis Ulama Indonesia, the country’s top Islamic scholars’ body;
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The Radical Old Idea; Faith perspectives in Finance and Beyond , with Global Ethical Finance Initiative;
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Round table, leveraging blended finance , organised by the Lutheran World Federation;
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Global Faith-Based investors and the Climate Crisis , hosted by the Church Pension Group (New York);
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The 5th International Daoism Forum in China, resulting in the announcement of the first Daoist Investor Hub.
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December 2023, COP28 in Dubai: Our CEO Dr Lorna Gold delivered the keynote address at the Faith Pavilion on Finance Day at the UN Climate Conference, and took part in a number of other events. The Faith Pavilion organised 65 sessions, 325 speakers, the first time faith groups could meet at a COP on this scale, to discuss the climate crisis and other issues.
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OUTREACH & MEDIA
As part of building the Faith-Consistent Investing Movement, we have worked hard to promote the concept of faith-aligned investing, both within our own network and in the media. Our newsletter outreach has more than doubled from 700 recipients in 2020 to 1,699 in December 2023. In addition, 318 are signed up to our FaithPlans newsletter and 486 to our Living Laudato Si’ newsletter. Our open rates are, on average, considerably higher than our peers at 33-37%.
We published 54 news updates on the FaithInvest website in 2023 (nearly double the number in 2022, alongside video content, including 22 webinar recordings and 26 vox pops asking people what faith-consistent investing means to them.
We increased our coverage in online and traditional news media, with 41 mentions in Impact Alpha, Impact Investor, BBC World TV, BBC Radio 4, The Church Times, National Catholic Reporter, The Tablet, The Economist, Pioneers Post, Green Money, The European Times, Al Jazeera English, South China Morning Post, and more.
In September 2023, Porticus asked FaithInvest to create and host a microsite to showcase the work of several members of the FCI ecosystem in promoting values-driven investing among faith organisations. The FCI Collaboratorium website launches in 2024.
research & publications
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Our Good Intentions update (2023) explores, through a detailed study of over 100 FBAOs' investment guidelines and policies, what faiths say about how they invest and identifies how they can do more.
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Our case study shows how we provided oneto-one support to faith-based asset owner, the English Sangha Trust (2023);
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Faith-consistent Investing and Smaller Organisations (2023), identifies how faithbased asset owners with limited resources can take forward this work
We have a paper on governance for faith-based investors, a case study with the Society for the Holy Child Jesus and a discussion paper, From Aid to Investment , due for publication early in 2024.
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IMPLEMENTING Strategic goal 02
Serve faith asset owners through targeted support
fci interest group
Our quarterly 45-minute FCI Interest Group meetings provide an intimate forum for faith-based asset owners to dive into how to implement effective faith-consistent investing.
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Topics discussed included performance and risk implications of using faith-aligned negative screens; a case study of our work with the English Sangha Trust; grant alternatives for faiths, and implementing Good Governance. FaithInvest’s research and publications are also presented at these meetings.
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Attendance has increased consistently over the last 12 months, with more than 140 engaged contacts now, made up largely of faith-based asset owners, including the Church of England, Society of the Holy Child Jesus, Mercy Investment Services, and the Jewish Federations of North America.
1:1 support & training
We delivered targeted one-on-one support to a number of faith-based asset owners (FBAOs) to enable them to align their investment policies and guidance with their faith values, including:
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A full FCI project with Society of the Holy Child Jesus, with a case study in process, similar to our English Sangha Trust case study.
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A significant FCI project with the Church of Scotland
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Investment policy and guideline FCI scoring assessments for four faith-based asset owners in the past five months.
Responding to requests for training, we have developed our first training course for FBAOs: Faithful Finance – An Introduction to Aligning our Investments with Faith Values .
- This four-module, livetaught, online course will support faith groups to understand the foundational principles of faith-based investing, as well as to how to engage financial intermediaries with clarity and confidence. Our first course begins in February 2024.
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IMPLEMENTING Strategic goal 03
Sustain and strengthen partnerships
We have collaborated closely and delivered impactful work through a wide range of partners in 2023. Some examples of ongoing collaborative work include:
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A dedicated programme of work with the Vatican’s Dicastery for Promoting Integral Human Development in which we have helped to shape a growing dialogue on developing a faith-consistent investing agenda for Catholic institutions. In doing so, we have laid the foundation for the Dicastery to develop pastoral guidance, accompany the local Church and build collaborative partnerships to foster high integrity practices of faith-consistent investing. We are currently discussing the next stage of this work.
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Following our highly successful event in May 2023, Investing in a Liveable Future , held in partnership with Christian Aid (pictured right), we are exploring how we can further develop this collaboration with faith-based development agencies to explore new options for non-aid financing. This is expected to include co-organising a series of webinars to inspire ethical investment practices, better business and improved development policies among faith-inspired development agencies and business leaders, and may lead on to better fund alignment with multi-faith initiatives such as prospective work with the Green Climate Fund.
Stewart McCulloch, CEO of Stewardship speaking at our Investing in a Liveable Future conference, co-hosted with Christian Aid
In September 2023, Martin Palmer was a keynote speaker at the 5th International Daoism Forum in Maoshan, China (pictured below), and where, in a significant commitment to ethical investing, the China Daoist Association announced that the first Daoist Investor Hub would be established in Hong Kong in 2024 to advise its followers on investing according to Daoist beliefs and values. The Hub will be run by the newly formed World Taoist Federation with ongoing support from FaithInvest.
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IMPLEMENTING Strategic goal 04
Strengthen our governance
Finally, we have continued to strengthen our staffing, governance and internal systems to prepare for growth.
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We welcomed a new trustee (and treasurer) to our Board, Amy-Elizabeth Hagen. We managed the successful transition of our founding CEO, Martin Palmer to Founding President, and our Director of Movement, Lorna Gold, to take up the role of CEO. We re-structured our team, bringing together the previous ‘Movement’ and ‘Investment Solutions’ teams into one Programme team, to improve communication, efficiency, and increased collaboration on the deliverables within our Strategic Plan.
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In response to a growing demand for training and 1-1 accompaniment, we have brought forward our offer of ‘paid for’ services (charity trading), with our first paid commissions being delivered in 2023.
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We also explored the potential around the development of a trading subsidiary which could provide services to a wider range of non-charity partners. However, due to the significant set-up costs and complexities of administration around non-charity trading and accounting, we have determined that this is not yet the right time to pursue this.
‘We strongly encourage well-documented ”front door” language – how will key beliefs, teachings, and values manifest themselves in our investments? Strong, clear language around this is of vital importance, because it’s the anchor for everything else that follows.’
Mathew Jensen, CFA, FaithInvest’s Director of Faith-Consistent Investing
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CASE Studies
Aligning values and investment policies
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'We had to go on a journey and FaithInvest’s
role in the journey was a really critical part,
giving us perspective at all steps along
the way.’
John Stevens, Chair,
English Sangha Trust
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‘We were much more managerled before engaging with FaithInvest. Our work together has given us greater capacity and understanding for dealing with managers.’
Sister Carmel Murtagh, SHCJ.
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6. FINANCIAL REVIEW
As we move into 2024, our financial position provides a balanced picture of some notable successes, but still with work to do to ensure our long-term financial sustainability.
Over 2023, we received generous support from GHR Foundation, including the completion of a previous grant and a grant renewal of circa £333,000 per annum ($400K) unrestricted funding over three years, 2023-2026. This has provided FaithInvest with considerable security as we continue to implement our new strategic plan. We also received significant funding this year from Porticus to develop our ‘Introduction to FCI’ training course, and to develop a website as the legacy to the FCI ecosystem that it has supported over recent years (both to be completed in 2024).
Alongside this, we have developed new opportunities around charitable trading. We have secured our first commissions for 1-1 accompaniment to faith asset owners as they review their investment policies, procedures, and wider governance structures to become more faith consistent. We have also delivered training to a small number of organisations, and commenced bookings for our first of three ‘Faithful Finance’ Introduction to FCI training courses that will begin in 2024. We are confident that funds secured through charitable trading will form an increasing proportion of our income over the years to come.
We also took steps in 2023 to reduce our expenditure while we worked to bring more funders into our funding pipeline, to ensure that we could end the year within our reserves policy. This included a restructuring process which completed in September 2023, and saw the size of the core team streamlined from 10.5FTE to 8FTE.
As a result, we end the 2023 financial year with £304,221 in unrestricted funding (representing four months of our budgeted 2024 expenditure). This is in line with our reserves policy.
Our focus for 2024 and for future years is to continue to diversify our funding base, and to secure a wider number of funders alongside the expansion of our trading income. In reflection of this, we have developed an ambitious new funding strategy alongside the development of opportunities to work in partnership with a number of aligned organisations, which we are currently taking forward.
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Principle funding sources
In the 2023 financial year we have received grant funding from: Porticus, GHR Foundation, The Dicastery of Integral Human Development, Rufford, The Society for the Holy Child Jesus and the University of Hong Kong. We would like to thank all of our funders for their generous support. We commenced charitable trading in 2023, earning £15,323 through the provision of guidance, 1-1 support and FCI training to faith-based asset owners. Although this is currently a small proportion of our overall income, it is a part of our strategy to continue to build the proportion of income derived from charitable trading activities.
Financial effect of any significant events
We are very grateful to GHR for awarding FaithInvest $1.2m in core, unrestricted funding over three years (2023-2026), and for supporting us to gain US Equivalency status. This has provided us with significant stability for the coming years.
However, with the ending of other core income streams, and to ensure our long term stability, we also embarked on a team restructure to temporarily reduce our head count and also streamline the two teams of Movement Building and Investment Solutions into one Programme Team. The financial effect of this has been to reduce our monthly run rate and provide us with a longer lead in time with which to develop new funding sources, both through a wider spread of grant funders and through our charitable trading.
Principal risks and strategies for managing those risks
Key risks to FaithInvest include:
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Financial Sustainability – As a recent start-up organisation, with a small core of funders, we are aware of the importance of diversifying our funding profile. We have undertaken significant work this financial year to build a stronger fundraising pipeline and to develop a comprehensive fundraising strategy, while also limiting expenditure. This is beginning to show impact, but remains high on our risk profile.
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Institutional knowledge – We have a small trustee board and a small staff team, therefore staff turnover could have a potentially challenging impact on business continuity. At the beginning of 2023, we commissioned a new CRM system to improve the retention of institutional knowledge and improve communications with our network of partners and beneficiaries.
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Guidance services – FaithInvest is not financially regulated. We therefore make very clear with faith groups accessing our services that we are not financially regulated and cannot provide them with financial advice. We are, however, exploring the path to financial regulation to enable us to offer a deeper and broader range of services to our beneficiaries.
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Cyber security – Data and cyber security is an increasing risk for all organisations. We have improved the security of our systems, have cyber insurance in place and undertake regular cyber security and GDPR training for all our staff.
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Reserves policy
Our reserves policy takes a 'risk-based approach', meaning that our policy is based on an understanding of our income streams and their risk profile, the degree of commitment to expenditure and the overall risk environment in which Faithlnvest operates, while also recognising the need to respond to new opportunities.
Given that the majority of Faithlnvest income is through a relatively small number of funders, and that our spend predominantly relates to fixed costs (salaries and overheads), the Trustees have agreed that the level of reserves needs to be between three to four months of operating costs. This would give us sufficient capacity to respond to any income gaps, or to undertake restructuring in the event of a reduction in annual income.
Based on our budgeted expenditure for 2024, we are currently holding four months of unrestricted funds as reserves (£304,221), and are therefore in line with our reserves policy. This policy and the appropriate level of reserves, will be reviewed annually.
Designated funds
We did not hold any designated funds for this period.
Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the coming 12-month period. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
Funds materially in deficit
There were no funds materially in deficit at the end of 2023.
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PLANS FOR FUTURE PERIODS
2024 will see our continued focus on the delivery of our 2023-25 strategic plan. Highlights that we expect to focus on in particular will be:
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The roll out of our new ‘Faithful Finance – an introduction to Faith Consistent Investing’ online training. We expect to deliver three courses over 2024, reaching in excess of 120 faith-based organisations.
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The expansion of our paid 1-1 accompaniment services. Alongside this, we will publish more case studies of organisations that we have supported, to act as lighthouses for other faith asset owners seeking to embark on this journey.
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We will deliver or attend a number of key events. In particular, we are exploring the development of a major event in Davos January 2025, in advance of the next World Economic Forum. We will also deliver a Roundtable on Development Finance in partnership with Christian Aid in London in April 2024, and a panel session at the International Interreligious Conference One Human Family in Rome in June 2024.
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And we will develop some new key partnerships. In particular, we are looking forward to the development of our work with the Wellbeing Economy Alliance, and with UK based Development Agencies via Christian Aid.
'The teams from the Racine Dominicans and FaithInvest talked about the goals of the day. I asked them to set our hearts on fire, which they certainly did! It was such an inspirational day and we saw the spark of what is to come.'
Sr Ann Pratt, Laudato Si’ Facilitator, Racine Dominicans (Sisters of St Dominic)
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7. STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document and constitution
FaithInvest is a company limited by guarantee, governed by its Memorandum and Articles of Association, and was incorporated on 5 March 2019. The company was registered as charity by the UK’s Charity Commission on 18 December 2019.
Organisational structure and team
We are a small team of eight staff, plus a small number of consultants. We currently have staff in three countries (the UK, Ireland and USA). During 2022, our founding CEO, Martin Palmer, stepped back to a role as Founding President, and was succeeded by Lorna Gold (previously our Director of Movement).
Our leadership team comprises:
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Lorna Gold – CEO
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Mathew Jensen – Director of Programmes Susie Weldon – Director of Communications Jenny Couper – Chief Operating Officer
How the charity makes decisions
Decisions regarding the strategy, aims and approach of the charity are taken by the trustees. Trustees meet four times per year.
Delegation of day to day management
Trustees delegate the day-to-day management of the charity to the Chief Executive, Lorna Gold and to the leadership team.
Arrangements for setting pay
The Trustees are responsible for agreeing the salary of the Chief Executive while the Chief Executive is responsible for agreeing salaries for all other staff roles, including the leadership team, set at the appropriate levels to recruit and retain the skill sets and expertise required.
Methods to recruit new directors (trustees)
Trustee opportunities are advertised, and applicants then invited to interview with the Chair of the Trust. Appointments are made in consideration of the key skills, knowledge and experience that would complement that of the existing directors, and in reflection of the aims and objectives of the charity.
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Following interview and appointment, new trustees are provided with information regarding the company, including: its constitution; aims and objectives; strategy; financial status and key funders; key opportunities and risks. Trustees are also given the opportunity to meet with the existing staff team to discuss in more detail the business of the charity. From time to time, trustee training is provided to refresh trustees on their governance responsibilities and any changes to relevant legislation.
Related parties
There were no related party transactions in 2023.
Statement of Trustees’ responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including rhe income and expenditure, of the charitable company for that period.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102); make judgements and accounting estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Public Benefit
The Trustees have had due regard to the Commission’s guidance on public benefit. The immediate beneficiaries of our work are the faith-based charities whom we encourage and support to better reflect their religious values within their investment decisions. In doing so, we enable faith-based charities to actively use their investments in direct support of their charitable objectives alongside creating positive outcomes for people and planet.
The wider public benefits from this work through the direction of increased investment with a positive environmental and social impact, and reduced investment in environmentally damaging and/or socially irresponsible organisations.
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Trustees' report, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by: 23/05/2024
......................................................................... Amy-Elizabeth Hagen – Board Treasurer
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MARCH 2024
Independent Examiner's Report to the Trustees of Faithinvest
8. FINANCIAL STATEMENTS
Independent examiner's report to the trustees of Faithinvest ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
01 accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
-
02 the accounts do not accord with those records; or
-
03 the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
04 the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
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Independent Examiner's Report to the Trustees of Faithinvest
Independent examiner's statement continued
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Catherine Edwards FCA The Institute of Chartered Accountants in England and Wales
Richardson Swift Audit Limited Chartered Accountants 11 Laura Place Bath BA2 4BL Date: ............................................. 24/05/2024
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MARCH 2024
Statement of Financial Activities for the year ended 31 December 2023
| Total EXPENDITURE ON Charitable activities Charitable activities RECONCILIATION OF FUNDS NET INCOME/(EXPENDITURE) INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income TOTAL FUNDS CARRIED FORWARD Total funds brought forward 7 Notes 4 5 6 813,008 304,221 465,418 (161,197 ) Unrestricted fund £ 627,097 15,324 9,390 651,811 |
209,756 13,976 8,335 5,641 Restricted fund £ 218,091 - - 218,091 |
1,022,764 471,059 318,197 (152,862 ) 2023 Total funds £ 845,188 15,324 9,390 869,902 |
2022 Total funds £ 1,564,361 - 1,160 |
|---|---|---|---|
| 1,565,521 | |||
| 1,410,212 | |||
| 155,309 315,750 |
|||
| 471,059 |
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Balance Sheet 31 December 2023
| 13,976 13,976 13,976 - 197,292 197,292 (183,316) Restricted fund £ - 299,375 304,221 304,221 4,536 318,145 322,681 (23,306) Unrestricted fund £ 4,846 13 14 15 Notes 12 CREDITORS NET ASSETS TOTAL FUNDS FIXED ASSETS CURRENT ASSETS NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES Debtors Cash at bank Tangible assets Unrestricted funds Restricted funds Amounts falling due within one year FUNDS |
313,351 318,197 318,197 4,536 515,437 519,973 2023 Total funds £ 4,846 304,221 13,976 318,197 (206,622) |
463,202 471,059 471059 2022 Total funds £ 7,857 8,832 852,224 861,056 (397,854) |
|---|---|---|
| , | ||
| 465,418 5,641 471059 |
||
| , |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:23/05/2024
23/05/2024
............................................................................. Amy-Elizabeth Hagen - Board Treasurer
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MARCH 2024
Cash Flow Statement for the year ended 31 December 2023
| Cash flows from investing activities Cash flows from operating activities Cash generated from operations Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period Net cash used in operating activities 1 Notes Purchase of tangible fixed assets Sale of tangible fixed assets Interest received Net cash provided by/(used in) investing activities |
2023 £ 515437 (1,454) - 9,390 7,936 (336,787) 852,224 (344,723) (344,723) |
2022 £ 852224 (435,667) 1,287,891 (429,341) (429,341) (7,676) 190 1,160 (6,326) |
|---|---|---|
| , | , | |
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MARCH 2024
Notes to the Cash Flow Statement for the year ended 31 December 2023
1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 2023 | 2022 | |
|---|---|---|
| Net (expenditure)/income for the reporting period (as per | £ | £ |
| the Statement of Financial Activities) Adjustments for: |
(152,862) | 155,309 |
| Depreciation charges | 4,465 | 5,196 |
| Profit on disposal of fixed assets | - | (190) |
| Interest received | (9,390) | (1,160) |
| Decrease in debtors Decrease in creditors |
4,296 (191,232) |
3,855 (592,351) |
| Net cash used in operations | (344,723) | (429,341) |
2. ANALYSIS OF CHANGES IN NET FUNDS
| A Total Net cash Cash at bank |
At 1.1.23 £ 852,224 852,224 852,224 |
Cash flow £ (336,787 ) (336,787 ) (336,787 ) At |
31.12.23 £ 515,437 515,437 |
|---|---|---|---|
| 515,437 | |||
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MARCH 2024
Notes to the Financial Statements for the year ended 31 December 2023
1. GENERAL INFORMATION
The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
Registered number: 11862410 Charity number: 1187015
The address of its registered office is: c/o Stone King Llp Boundary House 91-93 Charterhouse Street London EC1M 6HR
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
FaithInvest meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Grants receivable
Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.
Investment Income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
continued...
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MARCH 2024
Notes to the Financial Statements – continued for the year ended 31 December 2023
2. ACCOUNTING POLICIES - continued
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Grant Provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.
Support Costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit or independent examination, strategic management and trustees’s meetings and reimbursed expenses.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost Office Equipment - 33% on cost
Tangible fixed assets costing £1,000 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Taxation
The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
continued...
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Notes to the Financial Statements – continued for the year ended 31 December 2023
2. ACCOUNTING POLICIES - continued
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
continued...
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FAITHINVEST ANNUAL REPORT 2023
MARCH 2024
Notes to the Financial Statements – continued for the year ended 31 December 2023
2. ACCOUNTING POLICIES - continued
Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The key judgement and area of estimation uncertainty in preparing these financial statements is in determining the recognition of grant income, and specifically the policy of deferring income received based on fulfilment of performance related criteria and the estimation of the appropriate deferral amount.
continued...
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FAITHINVEST ANNUAL REPORT 2023
MARCH 2024
Notes to the Financial Statements – continued for the year ended 31 December 2023
4. DONATIONS AND LEGACIES
| A D A 5. OTHER TRADING ACTIVITIES Research projects Fees for 1:1 Services Fees for FCI Training Fees for Speaker Engagements Grants Donations Other Income Donations Other income GHR Foundation Porticus / Benevolentia Stitching Dicastery Rufford SHCJ Hong Kong University LSM Unrestricted Funds 2023 £ 1,151 625,946 - - - - - - - 627,097 |
A D A 5. OTHER TRADING ACTIVITIES Research projects Fees for 1:1 Services Fees for FCI Training Fees for Speaker Engagements Grants Donations Other Income Donations Other income GHR Foundation Porticus / Benevolentia Stitching Dicastery Rufford SHCJ Hong Kong University LSM Unrestricted Funds 2023 £ 1,151 625,946 - - - - - - - 627,097 |
Restricted Funds |
Total Funds |
Total Funds |
Total Funds |
|||
|---|---|---|---|---|---|---|---|---|
| 2023 |
2023 |
2022 |
||||||
| £ | £ | £ | ||||||
| - | ||||||||
| 1,151 | - | |||||||
| - | 625,946 | 733,774 | ||||||
| 104,013 | 104,013 | 701,419 | ||||||
| 99,185 | 99,185 | 33,059 | ||||||
| 10,917 | 10,917 | 17,415 | ||||||
| 1,076 | 1,076 | - | ||||||
| 2,900 | 2,900 | - |
||||||
| - | - | - | 76,095 | |||||
| - | - | - | 2,599 | |||||
| 627,097 | 218,091 | 845,188 | 1,564,361 | |||||
| A | 2023 £ 4,938 3,750 5,926 710 15,324 |
2022 £ - - - - - |
continued...
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FAITHINVEST ANNUAL REPORT 2023
MARCH 2024
Notes to the Financial Statements – continued for the year ended 31 December 2023
6. INVESTMENT INCOME
----- Start of picture text -----
2023 2022
£ £
Interest received 9,390 1,160
CHARITABLE ACTIVITIES COSTS
Unrestricted Restricted Total Funds Total Funds
Funds 2023 Funds 2023 2023 2022
£ £ £ £
Direct costs 751,981 206,277 958,258 1,324,742
Support costs 61,027 3,479 64,506 85,470
813,008 209,756 1,022,764 1,410,212
Unrestricted Restricted Total Funds Total Funds
Funds 2023 Funds 2023 2023 2022
£ £ £ £
Direct costs
Projects management and events 14,573 5,897 20,470 154,741
Staff costs 512,833 106,000 618,832 758,910
Consultancy costs 195,878 82,745 278,623 334,409
Travel costs
23,467 11,637 35,104 25,763
Research costs
- -
5,229 5,229
Grant funding
- - -
50,919
751,981 206,277 958,258 1,324,742
Unrestricted Restricted Total Funds Total Funds
Funds 2023 Funds 2023 2023 2022
£ £ £ £
Support costs
Administration costs 1,387 26 1,413 4,103
Premises costs -
1,378 1,378 1,976
Other support costs 20,052 342 20,394 35,470
Finance costs
8,152 1,030 9,182 7,804
Information technology 15,970 1,807 17,777 19,224
Governance costs -
8,685 8,685 7,020
Advertising 1,922 274 2,196 3,364
HR, payroll and recruitment 3,482 - 3,482 6,509
61,027 3,479 64,506 85,470
D
----- End of picture text -----
7. CHARITABLE ACTIVITIES COSTS
Support costs have been incurred in relation to assist major religious investment funds to be more faith-consistent through investment in sustainable and environmental development. All support costs are allocated to the primary activity.
continued...
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FAITHINVEST ANNUAL REPORT 2023
MARCH 2024
Notes to the Financial Statements – continued for the year ended 31 December 2023
8. GRANTS PAYABLE
| GRANTS PAYABLE | |||||||
|---|---|---|---|---|---|---|---|
| Grants to | |||||||
| Institutions | Total Funds | Total Funds | |||||
| 2023 | 2022 | 2022 | |||||
| £ | £ | £ | |||||
| Grants to institutions | - | - | 50,919 | ||||
The support costs associated with grant making activities are £nil (2022: £nil).
The Company has made the following material grants to institutions:
9.
----- Start of picture text -----
2023 2022
£ £
-
14,751
New Humanity
-
Bhumi Global 5,000
-
3,000
Ethiopian Council of Gospel Believers’ Church
-
WWF UK 14,568
-
TRAFFIC international 3,000
-
Universitas Nasion 1,000
-
All saints cathedral diocese 1,200
-
1,200
Christian Community Development Association
-
1,200
Women against poverty
-
1,200
Association de Jeunes Visionaires pour le Development du Congo
-
1,200
Diocese of Kakamega Justice and Peace Commission
-
1,200
JPIC Franciscans Africa
-
1,200
Solidarity pour la protection des droits de l'enfant
-
1,200
Groupe Scout Espoir de Gitega
-
50,919
NET INCOME/(EXPENDITURE)
A
RFT
----- End of picture text -----
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Net income/(expenditure) is stated after charging/(crediting): | ||||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Depreciation - owned assets Surplus on disposal of fixed assets |
4,465 - |
5,196 (190 ) |
||
10. TRUSTEES' REMUNERATION AND BENEFITS
Trustees' remuneration
During the year, there were no Trustees who received any remuneration or other benefits (2022: £Nil).
continued...
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FAITHINVEST ANNUAL REPORT 2023
MARCH 2024
Notes to the Financial Statements – continued for the year ended 31 December 2023
10. TRUSTEES' REMUNERATION AND BENEFITS - continued Trustees' expenses
During the year,Trustee expenses totalling £1,858 in relation to travel expenses were incurred by two Trustees (2022: £3,261).
11. STAFF COSTS
| STAFF COSTS Wages and salaries Social security costs Other pension costs |
2023 £ 568,815 42,507 7,509 618,831 |
2022 £ 667,156 81,182 10,572 758,910 |
|---|---|---|
A total of 5 (2022: 5) employees participated in the defined contribution pension scheme.
FaithInvest employer contributions to the employee pension schemes for the year totalled £7,509 (2022: £10,572).
The average monthly number of employees during the year was as follows:
| D The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was: £60,001 - £70,000 £70,001 - £80,000 £80,001 - £90,000 £90,001 - £100,000 £100,001 - £110,000 £110,001 - £120,000 £120,001 - £130,000 Project management |
2023 9 2023 1 1 2 - - 2 - 6 |
2022 10 |
|---|---|---|
| 2022 1 1 1 - 2 - 1 6 |
The total employee benefits of the key management personnel of the charity were £538,635 (2022: £485,765).
continued...
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FAITHINVEST ANNUAL REPORT 2023
MARCH 2024
Notes to the Financial Statements – continued for the year ended 31 December 2023
12. TANGIBLE FIXED ASSETS
| Computer equipment £ 7,676 - 7,676 Office Equipment £ 10,486 1,454 11,940 1,706 - 1,706 5,970 5,970 8,599 4,465 13,064 (1,124) 1,887 2023 £ 1,475 - 3,061 4,536 A NET BOOK VALUE 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 14. TRAINING AND CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR COST At 1 January 2023 Additions At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 At 31 December 2023 At 31 December 2022 Trade creditors Social security and other taxes Accruals and deferred income Trade debtors Other debtors Prepayments and accrued income 2023 £ 3,323 7,594 195,705 206,622 |
Computer equipment £ 7,676 - 7,676 Office Equipment £ 10,486 1,454 11,940 1,706 - 1,706 5,970 5,970 8,599 4,465 13,064 (1,124) 1,887 2023 £ 1,475 - 3,061 4,536 A NET BOOK VALUE 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 14. TRAINING AND CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR COST At 1 January 2023 Additions At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 At 31 December 2023 At 31 December 2022 Trade creditors Social security and other taxes Accruals and deferred income Trade debtors Other debtors Prepayments and accrued income 2023 £ 3,323 7,594 195,705 206,622 |
Computer equipment £ 7,676 - 7,676 Office Equipment £ 10,486 1,454 11,940 1,706 - 1,706 5,970 5,970 8,599 4,465 13,064 (1,124) 1,887 2023 £ 1,475 - 3,061 4,536 A NET BOOK VALUE 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 14. TRAINING AND CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR COST At 1 January 2023 Additions At 31 December 2023 DEPRECIATION At 1 January 2023 Charge for year At 31 December 2023 At 31 December 2023 At 31 December 2022 Trade creditors Social security and other taxes Accruals and deferred income Trade debtors Other debtors Prepayments and accrued income 2023 £ 3,323 7,594 195,705 206,622 |
Totals £ 18,162 1,454 |
|
|---|---|---|---|---|
| 19,616 | ||||
| 10,305 4,465 |
||||
| 14,770 | ||||
| 4,846 | ||||
| 7,857 | ||||
| 2022 £ 845 110 7,877 |
||||
| 8,832 | ||||
| 2023 £ 3,323 7,594 195,705 206,622 |
2022 £ 653 15,463 381,738 |
|||
| 397,854 |
Deferred income as at 31 December 2023 amounts to £190,305 (2022: £372,619) and relates to income received in relation to training and grant agreements where the related performance deliverables attached had not been met by the year end. Income released during the year totalled £869,902 (2022: £954,291).
continued...
39
Faithinvest.org
FAITHINVEST ANNUAL REPORT 2023
MARCH 2024
Notes to the Financial Statements – continued for the year ended 31 December 2023
| 15. | MOVEMENT IN FUNDS | Net | |||
|---|---|---|---|---|---|
| movement | At | ||||
| At | 1.1.23 | in funds | 31.12.23 | ||
| Unrestricted funds | £ | £ | £ | ||
| General fund | 465,418 | (161,197) | 304,221 | ||
| Restricted funds | |||||
| Restricted Funds - all funds | 5,641 | 8,335 | 13,976 | ||
| TOTAL FUNDS | 471,059 | (152,862) | 318,197 | ||
| Net movement in funds, included in the above | are as follows: | ||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| Unrestricted funds | £ | £ | £ | ||
| General fund | |||||
| 651,811 | (813,008) | (161,197) | |||
| Restricted funds | |||||
| Restricted Funds - all funds | 218,091 | (209,756) | 8,335 | ||
| TOTAL FUNDS | 869,902 | (1,022,764) | (152,862) | ||
| Comparatives for movement in funds | |||||
| Net | |||||
| movement | At | ||||
| At | 1.1.22 | in funds | 31.12.22 | ||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 315,750 | 149,668 | 465,418 | ||
| Restricted funds | |||||
| Restricted Funds - all funds | - | 5,641 | 5,641 | ||
| TOTAL FUNDS | 315,750 | 155,309 | 471,059 |
continued...
40
Faithinvest.org
FAITHINVEST ANNUAL REPORT 2023
MARCH 2024
Notes to the Financial Statements – continued for the year ended 31 December 2023
15. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| TOTAL FUNDS 1,565,521 126,569 Incoming resources £ 1,438,952 Unrestricted funds General fund Restricted funds Restricted funds – all funds |
(120,928) (1,410,212) Resources expended £ (1,289,284) |
155,309 5,641 Movement in funds £ 149,668 |
|---|---|---|
16. RELATED PARTY DISCLOSURES
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 31 December 2023 (2022: none).
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Faithinvest.org
FAITHINVEST ANNUAL REPORT 2023
MARCH 2024
DETAILED STATEMENT OF Financial ACTIVITIES for the year ended 31 December 2023
| Charitable activities Wages Social security Pensions Direct Costs Travel and subsistence Events Computer Software & IT Telephone Promotional expenses Office expenses Accountancy fees Legal and professional fees Bank charges Foreign currency Audit fee Depn of office equipment Loss on sale of tangible fixed assets Grants to institutions Total resources expended EXPENDITURE Net (expenditure)/income INCOME AND ENDOWMENTS Donations and legacies Donations Grants Other Income Other trading activities Research projects Fees for 1:1 Services Fees for FCI Training Fees for Speaker Engagements Total incoming resources Investment income Interest received |
568,815 42,507 7,509 299,867 31,938 30,621 13,453 480 2,196 11,642 5,700 1,920 642 1,009 - 4,465 - - 1,022,764 1,022,764 (152,862 ) 2023 £ 1,151 844,037 - 845,188 4,938 3,750 5,926 710 15,324 9,390 869,902 |
2022 £ - 1,561,762 2,599 |
|---|---|---|
| 667,156 81,182 10,572 342,816 43,203 154,741 15,468 612 3,364 20,058 1,920 1,060 2,137 2,978 7,020 5,196 (190) 50,919 1,410,212 1,410,212 155,309 1,564,361 - - - - - 1,160 1,565,521 |
This page does not form part of the statutory financial statements
42 Faithinvest.org
FAITHINVEST ANNUAL REPORT 2023
MARCH 2024 FA THINVEST I'l *1 Dominicans Embracing the Heart of Laudato Si, S&ptember 20. 2023 he earth is w atwe dell Bery 43 FAITHINVEST.ORG FAITHINVEST ANNUAL REPORT 2023
Annual Report 2023
Telephone
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FaithInvest, c/o Stone King LLP, Boundary House, 91-93 Charterhouse St, London, EC1M 6HR, UK
www.faithinvest.org info@faithinvest.org
Registered charity: 1187015 | Registered company limited by guarantee: 1182410